Summary of SICC (688234.SS) Conference Call Company Overview - **Company**: SICC (688234.SS) - **Industry**: Semiconductor, specifically focusing on Silicon Carbide (SiC) substrates Key Points 1. Strong Technology - SICC has a leading market position in semi-insulating SiC substrates - First company to deliver 12-inch SiC substrates - Early developer of liquid phase growth (LPG) technology, combining LPG with vapor phase methods - Fully in-house designed crystal growth furnace and continuous enhancement in SiC ingot thickness - Superior product quality allows for higher average selling prices (ASP) and better yield rates for clients producing SiC devices [2][3] 2. Expanding Applications - Management is optimistic about expanding SiC applications across various sectors: - Electric Vehicles (EVs) for fast driving - Power semiconductors in AI servers (800V AIDC) - Augmented Reality (AR) glasses, specifically optical waveguide lenses - Advanced packaging for better heat conduction to support rising GPU computing power - Expected showcase of SiC products in AR glasses in the second half of 2026, with significant revenue contributions anticipated in 2027 - A single 12-inch SiC substrate can support the production of 10-12 AR glasses [3][4] 3. SiC Substrate Pricing Trend - Substrate prices are projected to decline by mid-double digits in 2025, with a continued downward trend expected in 2026 - This price decline is anticipated to facilitate wider adoption of SiC across various applications - Smaller vendors may exit the market due to lower profits - SICC's management remains positive about profitability due to their leading market position, strong technology, and product quality - Ongoing enhancements in production costs and technology development (e.g., thicker ingots and LPG) are expected to support gross margin (GM) expansion in the coming years [4][9] 4. Financial Projections - 12-month target price set at Rmb115, based on a P/E ratio of 30.9x for 2029E - Revenue projections for the next few years: - 2024: Rmb1,768.1 million - 2025: Rmb1,603.9 million - 2026: Rmb2,878.5 million - 2027: Rmb4,167.7 million - Expected EBITDA growth from Rmb436.4 million in 2024 to Rmb1,639.3 million in 2027 - EPS forecasted to increase from Rmb0.42 in 2024 to Rmb2.18 in 2027 [10][8] 5. Risks - Potential risks include: - Slower-than-expected capacity expansion and shipment ramp-up of 6-inch substrates - Slower penetration into high power supply applications (e.g., EVs, transportation) - Increased competition in the SiC substrate market - Volatile valuation due to short listing history - Loss of access to key equipment or supply tightness [9][10] Conclusion - SICC is positioned strongly within the SiC substrate market, with a focus on technology and expanding applications - The company is expected to benefit from declining substrate prices and increasing demand across various sectors - Financial projections indicate significant growth potential, although risks remain that could impact performance

Group 1 - Tianyue Advanced (688234) closed at 89.86 yuan on January 6, 2026, with an increase of 1.89%, a turnover rate of 2.24%, a trading volume of 96,200 shares, and a transaction amount of 869 million yuan [1] - As of December 31, 2025, the total registered capital of Shandong Tianyue Advanced Technology Co., Ltd. is 484,618,544 yuan, with H shares listed on the Hong Kong Stock Exchange and A shares listed on the Shanghai Stock Exchange [3][4] - The total number of H shares is 54,907,500, and the total number of A shares is 429,711,044, with no changes in the company's capital structure during the month [3][4] Group 2 - On January 6, the net outflow of main funds was 16.6975 million yuan, while the net inflow of speculative funds was 32.4178 million yuan, and the net outflow of retail funds was 15.7203 million yuan [2][4]

Group 1 - The semiconductor sector is experiencing a strong performance, with notable stocks such as Lian Micro and Jinhaitong reaching their daily limit up, and Kema Technology increasing by over 10% [1] - Key stocks in the semiconductor sector include Kema Technology (+10.06%), Lian Micro (+10.00%), and Jinhaitong (+10.00%), with their respective market values and current prices highlighted [2] - The Hong Kong semiconductor market is also showing strength, with stocks like Naxin Micro and Tianyue Advanced increasing by over 6% and 4% respectively [2][3] Group 2 - Specific stock performance includes Naxin Micro at 128.000 (+6.14%), Tianyue Advanced at 61.250 (+4.17%), and ASMPT at 85.300 (+3.77%), indicating a positive trend in the market [3] - Other notable performers in the Hong Kong market include Zhongxin International (+1.76%) and Hongguang Semiconductor (+1.04%), contributing to the overall positive sentiment in the semiconductor sector [3]

Summary of Key Points Core Viewpoint - The company, Shandong Tianyue Advanced Technology Co., Ltd., has announced the need to pay back corporate income tax and late fees totaling 82.9728 million yuan for the years 2019-2020 due to a self-inspection prompted by tax authorities [1]. Group 1: Financial Impact - The total amount to be repaid includes corporate income tax and late fees, amounting to 82.9728 million yuan [1]. - The repayment will be recorded in the profit and loss statement for the year 2025, which is expected to reduce the company's net profit for that year [1]. Group 2: Compliance and Accounting - The repayment of tax and late fees does not constitute a prior accounting error and will not involve retrospective adjustments to previous financial data [1]. - The company assures that this matter will not affect its normal operations [1].

截至2026年1月5日收盘，天岳先进(688234)报收于88.19元，下跌0.78%，换手率2.51%，成交量10.78万 手，成交额9.53亿元。 当日关注点 交易信息汇总 资金流向 1月5日主力资金净流出9507.76万元；游资资金净流入519.46万元；散户资金净流入8988.3万元。 公司公告汇总 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：1月5日主力资金净流出9507.76万元，散户资金积极进场，净流入8988.3万 元。 来自公司公告汇总：截至2025年12月31日，天岳先进股本结构未发生变动，H股与A股总股本分别 为54,907,500股和429,711,044股，其中A股含库存股1,609,584股。 H股公告-截止二零二五年十二月三十一日止股份发行人的证券变动月报表 山东天岳先进科技股份有限公司截至2025年12月31日，法定注册资本总额为人民币484,618,544元。其中 H股股份类别为H，于香港联交所上市，证券代码02631，法定股份总数54,907,500股，每股面值1元人民 币， ...

Group 1 - Tianyue Advanced (688234) closed at 88.19 yuan on January 5, 2026, down 0.78% from the previous trading day, with a total market capitalization of 42.739 billion yuan [1] - The stock opened at 89.5 yuan, reached a high of 91.6 yuan, and a low of 86.43 yuan, with a trading volume of 9.53 billion yuan and a turnover rate of 2.51% [1] - As of December 31, 2025, the registered capital of Shandong Tianyue Advanced Technology Co., Ltd. is 484,618,544 yuan, with H shares listed on the Hong Kong Stock Exchange under the code 02631 and A shares on the Shanghai Stock Exchange under the code 688234 [1] Group 2 - The total number of H shares is 54,907,500, each with a par value of 1 yuan, and there are no treasury shares [1] - The total number of A shares is 429,711,044, each with a par value of 1 yuan, with 1,609,584 shares classified as treasury shares [1] - The company's share capital structure has not changed during the month [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688234 | 說明 | | Ａ股份於上海證券交易所科創板上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 429,711,044 | RMB | | 1 RMB | | 429,711,044 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 429,711,044 | RMB | | 1 RMB | | 429,711,044 | 本月底法定/註冊股本總額： RMB 484,618,544 | | | 備註： 第 1 頁 共 11 頁 v 1.1.1 致：香港交易及結算所有限公 ...

Core Viewpoint - The "China Manufacturing '14th Five-Year' Achievements Exhibition" showcased Tianyue Advanced's full series of 12-inch silicon carbide substrates, highlighting significant advancements in China's wide bandgap semiconductor industry and marking a historic leap in manufacturing capabilities [1] Group 1: Technological Advancements - Tianyue Advanced has achieved breakthroughs in the production of 2-6 inch silicon carbide substrates, addressing critical challenges in crystal growth stability at 2300℃ and achieving industry-leading defect density control [2] - The company pioneered the liquid phase method for 8-inch substrates, overcoming global technical bottlenecks and positioning itself competitively against international giants [2] - The introduction of 12-inch products has established Tianyue Advanced as one of the few companies globally to master this cutting-edge technology, with comprehensive defect control metrics surpassing industry standards [2] Group 2: Market Impact - The 12-inch silicon carbide substrates can produce 10-12 optical waveguide lenses for AR glasses, significantly improving production efficiency compared to 6-inch and 8-inch substrates [3] - In the AI sector, silicon carbide materials are selected for NVIDIA's next-generation Rubin GPU packaging, enhancing heat dissipation and integration density, positioning the company favorably in a high-growth market [3] Group 3: Strategic Developments - Tianyue Advanced has made significant strides in international market expansion, including bulk supply to Japan and listing on the Hong Kong Stock Exchange, enhancing its global brand influence [4] - The company has established partnerships with over half of the top ten power semiconductor manufacturers, fostering collaboration in emerging areas like AI glasses [4] Group 4: Recognition and Awards - The company has received multiple prestigious awards, including the "Semiconductor Electronic Materials" gold award from a Japanese media outlet, marking a significant achievement for a Chinese enterprise [5] - Tianyue Advanced has been recognized as a "National Manufacturing Single Champion" for its conductive silicon carbide substrates, becoming the first in the industry to achieve dual champion status [6]

Summary of SICC (688234.SS) Conference Call Company Overview - **Company**: SICC (688234.SS) - **Industry**: Power Semiconductors, specifically focusing on Silicon Carbide (SiC) technology Key Points and Arguments Industry Dynamics - The demand for power semiconductors, particularly SiC, is expected to rise due to increasing computing power in AI servers. The TDP (thermal design power) of NVIDIA's GPUs has significantly increased, indicating a shift towards higher power requirements in data centers [1][3] - Major power semiconductor suppliers are collaborating with NVIDIA to support the transition to 800V DC power architectures, which is expected to enhance the penetration of SiC technology in AI data centers [1][2] Technological Advancements - SICC is transitioning from 6-inch to 8-inch wafer production, which is anticipated to reduce costs and improve competitiveness. This shift is expected to support gross margin (GM) expansion [1][9] - SiC technology is being utilized in various applications, including power supply units (PSUs) and battery backup units (BBUs), which enhance energy efficiency and cooling solutions in AI data centers [3][4] Financial Performance and Projections - The company maintains a target price of Rmb115, reflecting a positive outlook based on expected growth in SiC applications and product mix upgrades [1][13] - Revenue estimates for 2026 and 2027 have been revised down by 5% due to intense pricing competition, but net income estimates for the same years have been increased by 6% and 7% respectively, indicating a positive view on GM improvements [9][10] - Despite revenue cuts, SICC is projected to achieve a 53% CAGR in revenues from 2025 to 2028, with operating income expected to turn positive in 2026 [9][10] Risks and Challenges - Potential risks include slower-than-expected capacity expansion, intense competition in the SiC substrate market, and potential supply chain issues [18] - The company faces challenges related to pricing competition and the need for rapid technological advancements to maintain market position [18] Market Position and Growth Potential - SICC is well-positioned to benefit from the growing demand for SiC in various sectors, including electric vehicles (EVs) and AI data centers, which are expected to drive significant revenue growth [5][8] - The company is also collaborating with global-tier brand makers in the AI glasses segment, further diversifying its application portfolio [8] Additional Important Information - The company’s market cap is approximately Rmb39.9 billion ($5.7 billion), with a current share price of Rmb88.88, indicating a potential upside of 29.4% to the target price [20] - The earnings revision reflects a strategic focus on enhancing product mix and reducing costs, which is crucial for sustaining profitability in a competitive landscape [9][10] This summary encapsulates the critical insights from the conference call, highlighting SICC's strategic direction, financial outlook, and the broader industry context.

Group 1: Company Announcements - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui through a combination of share issuance and cash payment, aiming to enhance its capabilities in CMP equipment and solutions [1] - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion RMB for employee stock ownership plans or equity incentives, with a maximum repurchase price of 86.96 RMB per share [2] - ZaiJing Pharmaceutical has reached a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, receiving an upfront payment of 100 million USD [3] - Tianci Materials expects a net profit increase of 127% to 231% for 2025, driven by significant growth in lithium-ion battery material sales [4] - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology through share issuance and cash payment, with stock resuming trading on January 5, 2026 [6][7] - ST KeliDa is planning a change in control, with stock suspension starting January 5, 2026, due to the transfer of 100% equity of its controlling shareholder [8] - Xinzhou Bang intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, enhancing its global capacity and supply chain [9] Group 2: Financial Performance - Kid's King anticipates a net profit increase of 51.72% to 82.06% for 2025 [9] - Guangku Technology expects a net profit growth of 152% to 172% for 2025 [9] Group 3: Mergers and Acquisitions - Xidi Micro plans to acquire 100% equity of Chengxin Micro for 310 million RMB [9] - Haili Biological's subsidiary intends to acquire 51% equity of seven dental chain companies for 61.2 million RMB [9]